Solana Price Plunges Amid Weakening Crypto Sentiment
Solana (SOL) is struggling to maintain its bullish momentum as it trades in the red on Monday, stuck below its 50-day Exponential Moving Average (EMA) at $75.68.
The SOL-focused Exchange Traded Funds (ETFs) show resilience with a monthly inflow of $14.62 million in July, but this is down from May's outflows of $786,580.
Despite the ETF inflows, Solana faces reduced speculative demand as broader crypto market sentiment weakens and retail investors lose strength.
The technical outlook for SOL is mildly bearish, with a bearish near-term tone. The Relative Strength Index (RSI) hovers below the midline at 43, and the Moving Average Convergence Divergence (MACD) remains negative below the signal line.